Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card balance with a fixed monthly payment.
- Free to use
- Accurate results
- No registration required
- Works on all devices
Your result
23 months
Months to pay off
AI explanation
Formula
n = −log(1 − P×r/payment) / log(1+r), where r is the monthly rateWorked example
₹80,000 balance, 36% annualized rate, ₹5,000/month
| Field | Value |
|---|---|
| Outstanding balance | 80000 |
| Annualized interest rate | 36 |
| Fixed monthly payment | 5000 |
| Months to pay off | 23 |
| Total interest paid | 35000 |
Assumptions
- Assumes you stop making new purchases on the card and pay the same fixed amount every month until it's paid off.
- Uses an annualized rate — convert your card's quoted monthly rate to an annual figure first, or see the Credit Card Interest Calculator for that conversion.
- Informational only.
Frequently asked questions
Why does credit card debt take so long to pay off?
High interest rates (often 30-50%+ annualized) mean a large share of each payment goes toward interest rather than principal, especially at the start — a fixed payment close to the minimum due can take years to clear the balance.
How can I pay off my credit card faster?
Increase your monthly payment above the minimum, stop new purchases on the card, and consider a personal loan balance transfer if it offers a meaningfully lower rate.
What if my payment doesn't cover the monthly interest?
If the payment is less than the interest accruing each month, the balance will never reduce (it may even grow) — this calculator requires a payment large enough to make actual progress.
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Sources
- Master Circular on customer service and fair practices code — Reserve Bank of India. Effective 01-07-2015, reviewed 13-09-2026.
This calculator provides a general estimate only and does not constitute financial advice.
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